Note on the Law of the Republic of Uzbekistan “On International Commercial Arbitration”
On February 16, 2021 President of the Republic of Uzbekistan has approved the Law “On International Commercial Arbitration” (hereinafter – the “Law”). As a result, Uzbekistan became 85th country and 118th jurisdiction to enact legislation based on the Model Law of the United Nations Commission on International Trade Law(UNCITRAL) on International commercial arbitration (hereinafter – the “UNCITRAL Model Law”). The Law was approved by the UNCITRAL.
Partner of GRATA International Uzbekistan Nodir Yuldashev gave an interview to the journal of the AIAC
On December 31, the journal of the Asian International Arbitration Center (Malaysia), dedicated to online opportunities for the development of arbitration in Asian countries, published an interview with the participation of Nodir Yuldashev, Partner of the GRATA International law firm in Uzbekistan.
In the recently released Chambers Asia-Pacific 2021 Guide, GRATA International was as one of the leading firms in the region with ranked offices in Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.
GRATA International's partners in Legal 500's Arbitration Powerlist 2020
In the recently released it's Arbitration Powerlist 2020 Legal 500 identified the leading arbitration experts in CIS and Caucasus.
International Arbitration 2020: Uzbekistan
Arbitration is becoming more and more popular in Uzbekistan as an alternative to litigation. With adoption of the Arbitration Law in 2006, the number of arbitration tribunals established in Uzbekistan reached 247 in 2020. One of the most active is a network of arbitration courts under Chamber of Commerce and Industry of Uzbekistan (CCI).
The firm rises in the rankings released by Legal 500 and takes positions in eight jurisdictions – Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.
Covid-19. Force Majeure mode for contracts in Uzbekistan
In connection with the pandemic triggered by the spread of the COVID-19 virus (coronavirus) in the world and for mitigation of the negative impact on the economy, the Government of the Republic of Uzbekistan adopted a number of decisions for introducing a force majeure mode for business in the country.
Support of export and import during the period of combating the spread of coronavirus infection (COVID-19)
The Decree of the President of the Republic of Uzbekistan ‘On priority measures to mitigate the negative impact on sectors of the economy by the coronavirus pandemic and global crises’ No. UP-5969 dated March 19, 2020, envisages a number of measures to mitigate possible negative consequences for business entities and citizens of the Republic of Uzbekistan.
Legal Framework for Insolvencies in Uzbekistan
Despite being relatively new, the current bankruptcy law in Uzbekistan (initially adopted in early 1990s) has improved drastically over the last decades. Uzbekistani insolvency regime, that was upgraded significantly throughout the several redrafts of the law, is still undergoing some changes that are being introduced as a part of its ambitious market-oriented economic reforms.